With the pandemic showing no signs of slowing, video conferencing has become the “go to” and most vital part of life for millions working and schooling from home. In fact, Reuters, “Video-conferencing platforms, once used mostly as a technological substitute for in-person meetings, became a vital part of day-to-day life this year for people stuck at home under coronavirus restrictions, be it for work, school or socializing.”
There’s so much demand, Grandview Research says the global market is worth $90 billion at the moment, and could reach $400 billion by 2027. Global Market Insights added that, “With the ongoing coronavirus pandemic and disruptions in large gatherings, demand for remote training is increasing, eventually driving the video conferencing market demand,” as reported by Global Market Insights. That’s creating opportunity for companies such as NexTech AR Solutions (OTCQB:NEXCF)(CSE: NTAR), Microsoft Corporation (NASDAQ:MSFT), Zoom Video Communications Inc.(NASDAQ:ZM), and Snap Inc. (NYSE:SNAP).
NexTech AR Solutions (OTCQB: NEXCF)(CSE: NTAR) BREAKING NEWS: NexTech AR Solutions, an emerging leader in augmented reality for eCommerce, AR learning applications, AR-enhanced video conferencing and virtual events is pleased to announce NexTech is now an approved Microsoft partner creating enormous new business opportunity for the company. This partnership provides access to the Azure Marketplace so that InfernoAR can be sold directly through the Marketplace.
The company is also working to become part of the Microsoft cross sell program where Microsoft’s sales reps will sell InfernoAR and be incentivized to do so by the Microsoft reps getting Azure sales credits whenever they sell the InfernoAR product.
Nextech is currently building new video conferencing features which will integrate collaborative classroom learning, one to one networking and traditional video conferencing directly into the InfernoAR platform letting users seamlessly launch and manage both collaborative experiences and large audience events directly from InfernoAR, once this is built it will be offered online in Azure. The company is also planning to move InfenroAR into Azure.
“With this Microsoft partner program NexTech AR continues to build momentum as it scales up customer wins and is at the forefront of making video conferencing and AR easy to implement and quickly accessible to everyone,” states Evan Gappelberg, CEO of NexTech AR.“NexTech’s industry-leading InfernoAR platform and end-to-end augmented reality solution along with our partnership with Microsoft and it's huge unparalleled ecosystem brings Nextech AR deeper into the technology marketplace then ever before and provides us with an enormous opportunity for more customer wins.”
Other related developments from around the markets include:
Microsoft Corporation (NASDAQ:MSFT) and Standard Chartered Bank announced a three-year strategic partnership to accelerate the bank’s digital transformation through a cloud-first strategy. This partnership marks a significant milestone for Standard Chartered in making its vision for virtual banking, next-generation payments, open banking and banking-as-a-service a reality. Leveraging Azure as a preferred cloud platform, the companies will also co-innovate in open banking and real-time payments to help the bank unlock new banking experiences for clients. As part of its digital transformation, Standard Chartered will adopt a multicloud approach, where significant applications, including its core banking and trading systems and new digital ventures such as virtual banking and banking-as-a-service, will be cloud-based by 2025, subject to regulatory approvals. The bank will also adopt a cloud-first principle for all new software developments and major enhancements. As technology reshapes the banking industry, Standard Chartered recognizes that a cloud-first strategy is critical to the bank’s ambition to make banking simpler, faster and more convenient. By being digital-first, the bank will be able to meet the demand for seamless banking virtually anytime, anywhere, and make banking more accessible to people across its network.
Zoom Video Communications Inc.(NASDAQ:ZM), a leading provider of video-first unified communications, announced financial results for the quarter ended July 31, 2020. “Organizations are shifting from addressing their immediate business continuity needs to supporting a future of working anywhere, learning anywhere, and connecting anywhere on Zoom's video-first platform. At Zoom, we strive to deliver a world-class, frictionless, and secure communication experience for our customers across locations, devices, and use cases,” said Zoom founder and CEO, Eric S. Yuan. “Our ability to keep people around the world connected, coupled with our strong execution, led to revenue growth of 355% year-over-year in Q2 and enabled us to increase our revenue outlook to approximately $2.37 billion to $2.39 billion for FY21, or 281% to 284% increase year-over-year.”
Snap Inc. (NYSE:SNAP) announced financial results for the quarter ended June 30, 2020. “We continued to grow our community and business in a challenging and uncertain environment,” said Evan Spiegel, CEO. “I am proud of our team for innovating on new experiences for our community and driving value for our partners, demonstrating the importance of our service in people's lives. We are grateful that the resilience of our business has allowed us to remain focused on our future growth and opportunity.”
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